Goldman Sachs and Apple ‘launch credit card app’

Goldman Sachs has reportedly joined forces with Apple to issue a new credit card that will help customers to manage their money.

A report in the Wall Street Journal suggested that the joint card will link to the Apple Wallet mobile app, letting customers budget, track reward schemes and have a better oversight of their finances.

The card service, which will use Mastercard’s payment rails, is expected to be rolled out for beta testing to employees in the coming weeks, before being launched to the US market by the end of 2019.

The move comes as Goldman looks to tap new sources of revenue by expanding its digital retail banking offering, following the launch of Marcus, its consumer savings account, last year.

The WSJ reported that the project could cost the US bank $200 million as its begins to establish customer call centres and payments infrastructure.

For its part, Apple has been extending its range of business-to-business services through its App store and mobile payments platforms.

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